Pirelli: shares down slightly after in line results
(CercleFinance.com) - Italian tyremaker Pirelli reported a rise in its 2018 revenue and operating profit, in line with forecasts, but saw its shares fall slightly after its performance was deemed "unsurprising.
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The company said that in 2019 it expects its revenues to grow by between 4% and 6%, with profitability expected to improve.
In 2018 its adjusted Ebit rose by 9% to 955 million euros, on revenues of 5.2 billion euros, up 3.7% in organic terms.
Oddo BHF said that there were few surprises in this publication, pointing out that although there is still a disappointment in terms of free cash flow generation, which remained "very weak" in 2018.
Pirelli shares are down 0.8% at under 6 euros, which values the group at about 6 billion euros. Meanwhile, Milan's key index, the FTSE MIB, is up 0.4%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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The company said that in 2019 it expects its revenues to grow by between 4% and 6%, with profitability expected to improve.
In 2018 its adjusted Ebit rose by 9% to 955 million euros, on revenues of 5.2 billion euros, up 3.7% in organic terms.
Oddo BHF said that there were few surprises in this publication, pointing out that although there is still a disappointment in terms of free cash flow generation, which remained "very weak" in 2018.
Pirelli shares are down 0.8% at under 6 euros, which values the group at about 6 billion euros. Meanwhile, Milan's key index, the FTSE MIB, is up 0.4%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.